A股二十余载风云变幻，每一轮牛市都像一场波澜壮阔的征程，既有政策红利催生的澎湃动能，也有资金浪潮推动的 行情盛宴。从2005年汇改开启的蓝筹狂欢，到2008年"四万亿"点燃的周期与成长共振，再到2014年金融创新驱动的活 力爆发、2019年流动性释放催生的成长股浪潮，每一轮牛市都留下了清晰的脉络与独特的机遇。如今，在"924"资本市 场政策与政治局会议多重利好加持下，"慢牛"行情的轮廓逐渐清晰，而汇聚深市核心资产的深证100指数，正成为把握 这轮行情的关键工具。 一、复盘历史牛市：每一轮机遇都藏着"政策+资金"双逻辑 对比过往牛市，当前"慢牛"行情的"长期化政策"与"逐步进场资金"特征，让深证100的优势更显突出。 从政策端看，"924"政策聚焦上市公司质量提升、市场生态优化，政治局会议强调"活跃资本市场"的长期导向，不同于 过往单一刺激政策，当前政策更注重"可持续增长"。而深证100作为深市市值大、流动性好、盈利能力强的核心资产集 合，成份股多为各行业龙头，治理规范、业绩稳定，恰好契合政策对"优质上市公司"的扶持方向，成为政策红利的直 接受益者。6月以来的这波行情，个人投资者新增开户数量较去年924行情相比 ...

Core Viewpoint - Central Huijin has significantly increased its holdings in ETFs, reflecting a strong commitment to stabilizing the A-share market and signaling long-term confidence in the market's growth potential [1][2][12]. Group 1: Central Huijin's ETF Holdings - As of June 30, Central Huijin and its subsidiaries held a total of 1.28 trillion yuan in stock ETFs, an increase of nearly 23% from the end of last year [1]. - Central Huijin Asset Management increased its holdings in 12 ETFs during the first half of the year, spending over 210 billion yuan [1]. - The total number of stock ETFs held by Central Huijin reached 3.756 billion units, up 21.23% from the previous year [5]. Group 2: Investment Strategy - The "national team" is expected to maintain a dual focus on "blue-chip + growth" stocks, continuing to invest in broad-based ETFs like the CSI 300 while increasing allocations to growth-oriented ETFs such as the Sci-Tech 50 ETF [2][12]. - Central Huijin's investment approach emphasizes broad-based ETFs, indicating a strategic intent to stabilize the market [8]. Group 3: Market Impact and Future Outlook - The actions of Central Huijin are seen as a stabilizing force in the market, particularly during periods of extreme volatility [12]. - Industry insiders suggest that as the market rises, the "national team" may consider reducing or exiting some ETF positions, prompting investors to focus on underappreciated tech growth stocks and domestic demand-related stocks [2][12].

Core Viewpoint - The trading volume of the Shenzhen 100 Index ETFs increased significantly today, with a total trading volume of 423 million yuan, marking a 49.99% increase compared to the previous trading day [1] Trading Volume Summary - The E Fund Shenzhen 100 ETF (159901) had a trading volume of 356 million yuan, up 135 million yuan from the previous day, representing a 61.54% increase [1] - The GF Shenzhen 100 ETF (159576) recorded a trading volume of 11.02 million yuan, an increase of 4.54 million yuan, with a 70.15% rise [1] - The FT Shenzhen 100 ETF (159211) saw a trading volume of 5.37 million yuan, up 1.87 million yuan, reflecting a 53.60% increase [1] Market Performance Summary - As of market close, the Shenzhen 100 Index (399330) fell by 1.23%, while the average decline for related ETFs was 1.12% [1] - The largest declines among the ETFs included the Dachen Shenzhen 100 ETF (159216) and GF Shenzhen 100 ETF (159576), which dropped by 2.63% and 1.38% respectively [1]

Group 1 - The total trading volume of the Shenzhen 100 Index ETF reached 324 million yuan today, representing a week-on-week increase of 99.51% [1] - The E Fund Shenzhen 100 ETF (159901) had a trading volume of 219 million yuan, up 117.28% from the previous trading day [1] - The Rongtong Shenzhen 100 ETF (159219) saw a trading volume of 45.94 million yuan, with a significant increase of 3961.94% compared to the last trading day [1] Group 2 - The Shenzhen 100 Index (399330) rose by 1.88% at market close, while the average increase of related ETFs was 1.96% [2] - The top-performing ETFs included the Fortune Shenzhen 100 ETF (159211) and the Rongtong Shenzhen 100 ETF (159219), which increased by 2.09% and 2.08% respectively [2] - Detailed trading data for various ETFs shows significant increases in trading volumes, with the Rongtong Shenzhen 100 ETF (159219) leading with a 3961.94% increase [2]

Core Viewpoint - The trading volume of the Shenzhen 100 Index ETFs increased significantly today, with a total trading volume of 284 million yuan, marking a 59.20% increase compared to the previous trading day [1] Trading Volume Summary - The E Fund Shenzhen 100 ETF (159901) had a trading volume of 207 million yuan, up by 81.42 million yuan, a 64.99% increase from the previous day [1] - The Southern Shenzhen 100 ETF (159212) recorded a trading volume of 44.14 million yuan, an increase of 16.64 million yuan, representing a 60.51% rise [1] - The Fortune Shenzhen 100 ETF (159211) saw a trading volume of 5.47 million yuan, up by 4.40 million yuan, with a remarkable increase of 410.44% [1] - The Fortune Fubon Shenzhen 100 ETF (159961) also experienced a significant increase in trading volume by 90.36% [1] Market Performance Summary - As of market close, the Shenzhen 100 Index (399330) fell by 2.19%, while the average decline for related ETFs was 2.10% [1] - The ETFs with the largest declines included the Huaan Shenzhen 100 ETF (159706) and the GF Shenzhen 100 ETF (159576), which dropped by 2.27% and 2.25% respectively [1]

Group 1 - The core viewpoint of the article highlights that the Shenzhen 100 index often leads the market rebound, significantly outperforming other broad-based indices during upward trends over the past decade [1][2] - Historical performance data shows that the Shenzhen 100 index had the highest rebound rates compared to the CSI 300 and SSE 50 during various market uptrends, with a peak rebound of 67.1% from January 1, 2015, to June 12, 2015 [1] - The index is characterized by a strong growth factor exposure, with its constituent stocks primarily in high-growth sectors such as new energy and semiconductors, indicating a preference for high-growth potential assets [2][4] Group 2 - The Shenzhen 100 index is classified as a "large-cap growth" index, with a significant positive exposure to the size factor, reflecting a heavy allocation to leading enterprises [1][4] - The index's constituents exhibit high revenue growth rates and net profit growth rates, which are consistently above market averages, further emphasizing its growth-oriented nature [2][4] - The Morningstar style box is used to classify the index's investment style, positioning it as the strongest in growth among large-cap indices [4] Group 3 - The article discusses the profitability and growth expectations of the Shenzhen 100 index, noting that its high return on equity (ROE) provides a buffer during market adjustments, making its valuation more stable [9][11] - The index's rebound potential is supported by its constituent stocks, which are leaders in their respective industries, ensuring stable revenue and profit even during market corrections [14] - The top ten constituents of the Shenzhen 100 index include major companies like CATL and BYD, which are positioned in sectors with long-term growth prospects [15]

Core Viewpoint - The trading volume of the Shenzhen 100 Index ETFs increased significantly today, indicating heightened market activity and investor interest in these funds [1] Trading Volume Summary - The total trading volume of Shenzhen 100 Index ETFs reached 133 million yuan today, an increase of 37.75 million yuan compared to the previous trading day, representing a 39.75% increase [1] - Specifically, the E Fund Shenzhen 100 ETF (159901) had a trading volume of 92.67 million yuan, up 32.22 million yuan from the previous day, marking a 53.31% increase [1] - The Southern Shenzhen 100 ETF (159212) recorded a trading volume of 25.28 million yuan, an increase of 9.77 million yuan, with a 63.03% rise [1] - The Fortune Shenzhen 100 ETF (159211) saw a trading volume of 1.56 million yuan, up 1.14 million yuan, reflecting a substantial 270.35% increase [1] Market Performance Summary - As of market close, the Shenzhen 100 Index (399330) rose by 0.41%, while the average increase of related ETFs tracking the Shenzhen 100 Index was 0.37% [1] - The top performers included the Fortune Shenzhen 100 ETF (159211) and the Huaan Shenzhen 100 ETF (159706), which increased by 0.67% and 0.44% respectively [1]

Core Viewpoint - The article emphasizes the transformation in the asset management industry led by E Fund, which applies lean manufacturing principles from the automotive industry to optimize ETF management and enhance value creation through meticulous cost control and operational efficiency [1][2][3]. Group 1: E Fund's ETF Growth and Strategy - E Fund has become a leader in the ETF market with over 600 billion yuan in assets under management, representing approximately 16% market share as of April 28, 2025 [6][12]. - The company has seen a significant increase in ETF scale, with a surge of 3,841 billion yuan since early 2024, the highest among all fund companies [6][12]. - E Fund's strategy includes creating a comprehensive "ETF toolbox" that covers various markets and investment themes, aligning with national development strategies [2][8]. Group 2: Historical Development of E Fund - E Fund launched its first index fund in 2004 and has since been a pioneer in the ETF space, issuing the first A-share ETF in the Shenzhen Stock Exchange [3][4]. - The ETF market in China has grown rapidly, with total ETF assets exceeding 500 billion yuan by the end of 2018, driven by E Fund's innovative product offerings [4][6]. Group 3: Product Innovation and Cost Management - E Fund has introduced a range of innovative ETF products, including cross-border and thematic ETFs, while maintaining a low management fee of 0.15% per year for its A-share ETFs [9][10]. - The company has focused on maintaining a low average management fee of 0.29% across all stock ETFs, the lowest among the top ten ETF managers [12][14]. Group 4: Operational Excellence and Investor Services - E Fund emphasizes a systematic approach to ETF management, integrating research, product design, and investor services to enhance operational efficiency [7][13]. - The company has established a comprehensive investor service system, including educational resources and professional advisory services to support various investor needs [13][14]. Group 5: Future Directions and Industry Challenges - E Fund aims to continue evolving its ETF offerings by focusing on emerging industries such as artificial intelligence and renewable energy, while also exploring innovative asset classes [10][21]. - The company recognizes the need for differentiation in index investment services and is committed to leveraging technology to enhance operational efficiency and reduce costs [19][21].

Core Viewpoint - The trading volume of the Shenzhen 100 Index ETFs increased significantly today, with a total trading volume of 140 million yuan, marking a 41% increase compared to the previous trading day [1] Trading Volume Summary - The E Fund Shenzhen 100 ETF (159901) had a trading volume of 92.62 million yuan, up 32.99 million yuan from the previous day, representing a 55.33% increase [1] - The Southern Shenzhen 100 ETF (159212) recorded a trading volume of 32.89 million yuan, an increase of 14.25 million yuan, with a growth rate of 76.48% [1] - The Founder Fubon Shenzhen 100 ETF (159961) saw a trading volume of 1.37 million yuan, up 970,000 yuan, reflecting a substantial increase of 245.94% [1] Market Performance Summary - As of market close, the Shenzhen 100 Index (399330) fell by 0.77%, while the average decline for related ETFs was 0.59% [1] - The E Fund Shenzhen 100 ETF (159901) and the Huaan Shenzhen 100 ETF (159706) experienced notable declines of 0.75% and 0.74%, respectively [1]

Core Viewpoint - The trading volume of the Shenzhen 100 Index ETFs increased significantly today, with a total trading amount of 191 million yuan, marking a 34.18% increase compared to the previous trading day [1] Trading Volume Summary - The trading volume for E Fund Shenzhen 100 ETF (159901) reached 84.26 million yuan, up by 39.29 million yuan, representing an increase of 87.39% [1] - The Southern Shenzhen 100 ETF (159212) had a trading volume of 37.59 million yuan, an increase of 5.14 million yuan, with a growth rate of 15.85% [1] - The Founder Fubon Shenzhen 100 ETF (159961) saw a trading volume of 5.93 million yuan, up by 4.47 million yuan, reflecting a substantial increase of 305.49% [1] - Other notable increases in trading volume include the China Merchants Shenzhen 100 ETF (159975) with a 137.21% increase and the Guangfa Shenzhen 100 ETF (159576) with a 26.32% increase [1] Market Performance Summary - As of market close, the Shenzhen 100 Index (399330) declined by 0.63%, while the average decline for related ETFs was 0.62% [1] - The ETFs with the largest declines included the Industrial Bank Shenzhen 100 ETF (159970) and the Southern Shenzhen 100 ETF (159212), which fell by 0.94% and 0.89%, respectively [1]